NEW DELHI: Billionaire Anil Agarwal-led Sterlite Technologies today announced an investment of Rs 40,000 crore to set up a LCD panel manufacturing plant in the country, generating about 50,000 jobs.

The company, which makes optical fibres used in high speed internet services, is also working on a project to connect defence establishments through optical fibres in Jammu & Kashmir (J&K).

"Sterlite Technologies under the Digital India theme will also set up a LCD manufacturing plant in the country with an investment of Rs 40,000 crore and which will generate about 50,000 jobs," Agarwal, the head of mining giant Vedanta Resources Plc, said at the inauguration of the Digital India week here. Industry would actively participate in the drive as it has the potential to drive India ahead as a knowledge and economic power, he added.

"Sterlite Technologies will play a responsible role in being a part of Digital India. We are already working on a project in J&K to connect the Defence establishment through optical fibres," Agarwal said. He said such a step will help in cutting down import of electronic goods in the country.

However, he did not specify the timeline of investment or for establishing the plant. Agarwal added that whenever the country and government have trusted the industry they have performed, whether it is pharma, telecom, etc. Inaugurating Digital India Week, Prime Minister Narendra Modi today launched a digital campaign to which top companies pledged Rs 4.5 lakh crore.

The Prime Minister pitched for a digital revolution in the country, saying it is necessary to deal with problems like corruption, help provide transparent and efficient governance and bridge the rich-poor divide. Noting India's huge capabilities in the field of IT and promised to encourage manufacturing within the country of electronic goods, which account for second largest imports after petroleum products. He specifically mentioned start ups in this regard.

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After PSU banks, the government is likely to infuse capital in two chronically ill telecom PSUs BSNL and MTNL, and the Union Cabinet is likely to take a decision on 4G spectrum allocation to them by the third week of the current month after DoT places the note before it for consideration.

At a high-level meeting at the PMO late Tuesday, it was also decided that the two telcos will frame a Voluntary Retirement Scheme (VRS) to reduce their employee strength, which will be followed by a reduction in the retirement age to 58.